Sunday, 17 June 2018

More poor results for Crowdcube funded companies keep pouring in.

Saying everything is brilliant when in fact you know its all over, is not a sensible or rational act. But is happens too often.

On the back of some alarmingly bad results for Crowdcube itself, Crowdcube announce that have they just had a record year. Well here is some more good news to add to that -

Powervault - still in test phase and reported £1.5m loss for year when they had a loss of under half that in their projections. Time will tell.

Health-Connected - Further losses of £71,000 filed against profits of £3.6m

Cauli Rice - as already reported way off even the altered projections. Excuses excuses.

Freetrade - Still in trials. Supposedly with revenues of £3.7m for YE Sept18.

ISO Spaces - live on Crowdcube and going nowhere. Filed loss of £250k against Crowdcube projection of £2.6m profit. Is it any wonder people dont believe them?

Witt -as reported, way off targets. In all, we have files on 37 companies due to report in May and June. Not one of those that have filed, have come even close to the projections used to sell the equity on Crowdcube. Not one. We have a waiting room of overdue accounts and our experience suggests most of these will go to the wall. We are not making this stuff up - it is real hardcore fact - no spin, no PRing.
When something is so obvious, how can people still be stupid enough to swallow up more of the same. Equity Crowdfunding might work, but Crowdcube's model doesnt. It is centred on Crowdcube making commission, not on creating viable businesses. 7 years on and that is an indisputable fact.